5 Reasons Why Pre-Owned Cars Are Worth It!
5 Reasons Why Pre-Owned Cars Are Worth It!
Posted on April 15, 2024
We all know the allure of a shiny, fresh-off-the-lot car is undeniable. Yet, there are compelling reasons to buy pre-owned cars that make it smarter. In this article, we'll explore five reasons pre-owned vehicles are worth consideration. Let's delve into the benefits of choosing a pre-owned vehicle for your next ride. We’ll cover from cost savings to depreciation advantages, and more.
Cost Efficient
One compelling reason to choose a pre-owned car is its cost-effectiveness. New vehicles can depreciate rapidly in the first few years. Yet, pre-owned cars have already undergone most of their depreciation.
This means you can often find high-quality, late-model vehicles at a fraction of the cost. Additionally, pre-owned car insurance premiums and registration fees are typically lower. Thus contributing to your savings.
With careful research and inspection, you can find a reliable pre-owned car that fits your budget.
Certified Quality
There are many certified pre-owned car benefits. They’re known for their exceptional quality. Unlike regular used cars, certified pre-owned (CPO) vehicles undergo rigorous inspections. They need to meet the high standards the manufacturer or dealership sets. This could include a carfax report of CPO.
For example, GM requires a thorough 172-point inspection for its certified vehicles. When you buy from a reputable dealer, you can trust every aspect of your car has been carefully examined. One of the certified vehicle advantages is the additional warranty.
This shows manufacturers ensure they’re in good working condition before sale. Thus offering peace of mind to buyers.
Warranty Coverage
CPO car benefits include extensive warranties, offering protection against unexpected issues. These warranties can cover kilometre limits or provide complimentary repairs in the early years of ownership.
When offered by trusted dealerships, these warranties boost buyer confidence. Each car brand's CPO warranty varies. For example, Chevrolet offers a 12-month (or approx. 18,000-20,000 km) "bumper-to-bumper" limited warranty. Plus, there's a six-year (or approx. 160,000 km) powertrain limited warranty with roadside help.
BMW extends its four-year (or approx. 80,000 km) comprehensive new-vehicle limited warranty. They give out an additional year with no mileage limit and include roadside assistance. Check the specific details of each CPO plan for your coverage.
Better Financing
For financing, banks and lending institutions typically offer lower interest rates on new-car loans than used-car loans. This is because used-car buyers are often considered slightly riskier regarding credit.
Used cars themselves are seen as riskier investments than new cars. Yet, the good news for pre-owned car financing is they often qualify for lower interest rates, too. That’s especially true when financed through a lender associated with the vehicle brand.
Some brands even subsidize the interest rates on CPO vehicles to boost sales. This benefits both their dealers' profitability and the resale value of the vehicles. Plus, ultimately, it benefits the car manufacturer.
Reserve a Pre-owned Vehicle in Nanaimo, BC
Choosing a CPO car offers cost savings, certified quality, warranty coverage, and favourable financing options. Consider exploring CPO options at Wheaton Subprime (Island Used Cars) for reliable and affordable options. Visit their showroom to find your next car with peace of mind!